Portland Global Dividend Fund

portfolio manager
Chris Wain-Lowe, BA, MBA
Chief Investment Officer, Executive Vice-President and Portfolio Manager

Chris Wain-Lowe has 35 years of business management and global financial services experience – living and working in four continents: Europe, Asia, Africa, North America as well as the Caribbean, which also embraced corporate experience in the energy, natural resources and utility industries.


KEY reasons to invest
  • Income generation and capital growth
  • The power of dividend investing combined with the benefits of global investing and sector diversification for reduced volatility
  • Monthly distributions targeting 5.0%*** per annum which are intended to be funded and characterized as mostly return of capital
  • Tax-efficient structure, currently housing tax losses of approximately $27 million

how the Fund is managed
  • Focused primarily on a portfolio of global dividend paying equities
  • Common shares of large global companies with attractive dividend-paying ratios and a strong pedigree of increasing dividends over the long term; selection includes from the members of the S&P Europe 350 Dividend Aristocrats, the S&P 500® Dividend Aristocrats, the S&P Pan Asia Dividend Aristocrats and the S&P /TSX Dividend Aristocrats
  • Selective use of options to generate additional returns towards distributions
  • Currency hedging some of the Fund’s non-Canadian dollar exposure


The Manager believes the following risks may impact the performance of the Fund: active management risk, concentration risk, currency risk, equity risk, derivatives risk and credit risk. Please read the “Risk Factors” section in the Simplified Prospectus for a more detailed description of all the relevant risks.

fund details
Assets Under Management $5.7 million
CIFSC* Asset Class Global Equity
Risk Tolerance Medium

top holdings
As at February 28, 2018
Dufry AG 8.1%
Royal Dutch Shell PLC 7.9%
BHP Billiton PLC 7.7%
GEA Group AG 5.9%
Total SA 5.3%
Barclays PLC 4.8%
Dignity PLC 4.2%
Prudential PLC 4.0%
Aryzta AG 4.0%
Mondelez International Inc.  4.0%
BP PLC 3.6%
AusNet Services 3.6%
Amcor Limited  3.5%
Compass Group PLC 3.4%
LVMH Moet Hennessy Louis Vuitton SE 3.4%
Rentokil Initial PLC 3.2%
NN Group NV 3.1%
Novartis AG 2.8%
Roche Holding AG 2.6%
JPMorgan Chase & Co. 2.6%
Oaktree Strategic Income Corporation 2.1%
Cash 2.1%
Nestlé SA  1.8%
Brookfield Property Partners L.P. 1.8%
South32 Limited 1.4%

Option Positions
The Walt Disney Company, Put 92.5, 20/04/2018 0.0%
Brookfield Property Partners L.P., Put 20, 16/03/2018 0.0%
BHP Billiton PLC, Call 50, 15/06/2018 0.0%
Walgreens Boots Alliance, Inc., Put 60, 20/04/2018 0.0%
Total SA, Call 62.5, 18/05/2018 0.0%
Crescent Point Energy Corp., Put 7, 20/04/2018 0.0%
BP PLC, Call 46, 20/04/2018 0.0%

geographic allocation
- February 28, 2018
United Kingdom 40.3%
Switzerland 19.3%
United States 10.6%
France 8.9%
Australia 8.5%
Germany 5.9%
Netherlands 3.1%
Bermuda 1.8%
Other Net Assets (Liabilities)1 1.6%
Canada 0.7%
Currency Forwards -0.7%

Sector Mix
- As at February 28, 2018
Consumer Discretionary 19.7%
Energy 17.5%
Financials 16.7%
Materials 12.6%
Consumer Staples 12.5%
Industrials 9.1%
Health Care 5.4%
Utilities 3.6%
Real Estate 1.8%
Other Net Assets (Liabilities)1 1.6%
Exchange Traded Funds 0.2%
Currency Forwards -0.7%

a case for agriculture

A number of competing demand drivers have gained primacy recently, being often cited as causes for the increased volatility in food prices and the overall higher level of the cost of food (see figure 2) and they include, beside the population growth, an increase in the emerging markets middle class demanding more protein rich nutrition, an increase in the use of biofuels as well as speculation.
fund codes
Fund Name Series Code - Initial Sales Charge Code - DSC Code - LL
Portland Global Dividend Fund
n/a 522 523
Portland Global Dividend Fund
521 n/a n/a
Portland Global Dividend Fund
009 n/a n/a
Portland Global Dividend Fund
058 n/a n/a

- Fundserv Management Company Code: “PTL”
company briefs of Possible Holdings


* Canadian Investment Funds Standards Committee

***The portfolio is expected to generate income from dividends, interest and option writing income , which after deduction of expenses, will be distributed by the Fund to unitholders. The targeted monthly distribution amount is reset at the beginning of each calendar year to provide an approximate yield of 5% per annum based on the NAV per Series A Unit as at December 31 of the prior year. Assuming the expected level of income is received, the portfolio would not be required to appreciate. If the level of income is less than the amount necessary to meet the target distribution, the Manager may either pay out a lower distribution or supplement the amount needed through net realized capital gains from the portfolio or may return a portion of the capital of the Fund to unitholders in which case the distribution would not have been fully funded as the net asset value would be reduced. Distributions are reinvested automatically in additional units of the Fund. No commissions are payable upon automatic reinvestment of distributions.

1 Other Net Assets (Liabilities) refers to all other assets and liabilities in the Fund excluding portfolio investments.

2 Where the Fund holds less than 25 long and short holdings, all investments have been disclosed. There may be other assets and liabilities which are not included, and therefore the summary does not add up to 100%

3 Generally available through dealers who have entered into a Portland Series F Dealer Agreement

4 Annualized


Risk tolerance measures the degree of uncertainty that an investor can handle regarding fluctuations in the value of their portfolio. The amount of risk associated with any particular investment depends largely on your own personal circumstances including your time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations. Investors should consult their financial advisor before making a decision as to whether this Fund is a suitable investment for them.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. The indicated rates of return are the historical annual compounded total returns including changes in units [share] value and reinvestment of all distributions [dividends] and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. The rates of return are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Information presented in this material should be considered for background information only and should not be construed as investment or financial advice. Please consult a Financial Advisor. Every effort has been made to ensure the utmost accuracy of the information provided. Information provided is believed to be reliable when posted. All information is subject to modification from time to time without notice. Consent is required for any reproduction, in whole or in part, of this piece and/or of its images and concepts. Please read the Prospectus before investing. PORTLAND INVESTMENT COUNSEL and the Clock Tower Design are registered trademarks of Portland Holdings Inc. used under licence by Portland Investment Counsel Inc.